AIIB President, Jin Liqun, announced that the AIIB will seek to quickly move to approve its first loan before the end of 2016. Although the U.S. has refused to join the AIIB despite China's invitation, Washington has expressed that it is open to the AIIB's assistance in closing the infrastructure gap in Asia, which is now estimated to reach about $8 trillion in 2020 if not properly addressed. Chinese officials have reaffirmed their pledge to the AIIB's commitment to strictly follow international lending standards.

With a projected annual investment between US$10 billion-US$15 billion over the next 5 years, the AIIB is in prime position to demonstrate China's further "...rebalancing of the world economy" as stated by Luxembourg's Minister of Finance, Pierre Gramegna. AIIB President, Jin Liqun, stated that the bank will focus a lot of attention towards transparency, compliance, and integrity, which are viewed as "far more important than just making loans." Jin Liqun stated that the AIIB will work in complement with existing financial institutions such as the Japan-led Asian Development Bank (ADB) in order to effectively help countries (such as Nepal), reach their infrastructure needs.

Callaghan reports that the AIIB officially opened on January 16, as member countries signed on to the bank’s articles of agreement. Callaghan remarks that the AIIB not only benefits China’s economic sectors, but is additionally a multilateral gesture, demonstrating China’s rising prominence throughout Asia and the rest of the globe. Furthermore, Callaghan posits that the development of the AIIB is intuitive, given China’s new Silk Road policy, which requires increased relations between Asia and Europe. AIIB President, Jin Liqun, maintains that the bank meets safety and rights regulations upheld by existing institutions, like the ADB and World Bank, and that AIIB is a sibling to such institutions. Callaghan also mentions that the bank will initially focus on co-financing arrangements, and _that the bank will be building its crediting rating, so the leverage ratio and project financing will be somewhat limited in its opening quarters. While this may mean that the bank does not expand as rapidly as anticipated, Callaghan upholds that quality lending will ultimately benefit the AIIB’s project outcomes.

More about the official launch of the AIIB on January 16th. Officials of the bank state that it will engage in “high-quality, low-cost projects” and that the bank will help meet Asia’s significant infrastructural needs. While the bank will reportedly engage in co-financed projects, it will also issue loans in US dollars and raise capital in additional currencies, such as the yuan and euro. While the article states that the AIIB will meet compliance standards issued by western-led institutions, such as the IMF, they will not mandate certain ‘free market practices’ that are favored amongst western banks. In so doing, AIIB aims to place more reasonable regulations upon the bank’s borrowers.

Singapore’s Minister for Finance, Heng Swee Keat, declared that the AIIB could deliver economic prosperity to Asia. He urges that the bank could augment the capabilities of Asian policymakers to structure successful finance projects, utilize private investors to co-finance projects, lend financial discipline to development projects, and collaborate with other multilateral financial institutions to promote sustained growth.

New Zealand welcomes the positive changes offered by China’s newly established AIIB. The bank will reportedly support projects in New Zealand, which relate to transportation, sanitation, water, and sustainability.

AIIB President, Jin Liqun, announced that the bank will issue loans in US dollars, with its first loan to occur in mid 2016. Furthermore, Jin Liqun has stated that he hopes the US currency will help the bank to operate better. The bank will also raise capital in the yuan, euro, and others, in order to help its members. English has also been confirmed as the working language of the bank. Additionally, Jin Liqun stated that the bank will establish an oversight committee to review the allocation of funds, and that $50 million has been earmarked for “infrastructure projects in less developed countries.”

The article asserts that while China and Russia experienced a near 29% drop in bilateral trade throughout 2015, the two nations will reverse that trend in the coming year. Collaborating through multilateral institutions such as the AIIB and BRICS banks, they aim to diversify and re-energize trade ties. China is Russia’s largest “economic partner.”

Despite uncertainty in the current Chinese financial market, several reports assert that Asian economic growth will continue to surpass other global regions. Various Chinese officials maintained that institutions such as AIIB, and policies like the ‘One Belt, One Road’ initiative, will continue to sustain Chinese growth. Additionally, efforts to further integrate the Asian region will be fostered through free trade agreements with Japan and South Korea.

The AIIB will cooperate closely with the ADB to learn from their 50 years of experience. AIIB is financially supported mainly by China, India and Russia. AIIB will offer loans of about $10-15 billion each year to fund projects through Asia. These initiatives remain controversial, as the AIIB is perceived to be a rival of the World Bank.

The decision to become a founding member of AIIB by British Chancellor, George Osborne, displeased Washington. He made the decision based on the belief that China would become the global hegemon this century, surpassing the U.S. China's current slowing economy has created some doubt that Mr. Osborne's hypothesis will be correct. For the time being, the current economic situation in China does not forecast certain doom; however, a crisis may in fact arise if China continues to deal with its financial woes by deflating its currency.

The chief executive of the AIIB, Jin Liqun, outlined the transparent structure of the AIIB during the bank’s launch last weekend. As far as logistics go, it will use the U.S. dollar for lending and operate in English. Liquin discusses the AIIB's initial projects and maintains that perceptions of the AIIB are positive throughout the Eurasian region.

Laiming asserts that China will soon increase bilateral ties with Egypt. While Egypt is a member of both China’s ‘One Belt, One Road’ initiative and the AIIB, the nation also boasts of its own ‘Suez Canal Area Development Project,’ which will allow multidirectional shipping in the Suez Canal, and increase its daily capacity by 90%. China has reportedly become a ‘top user’ of the canal. 2016 is marked as the 60th year of diplomatic relations between Egypt and China.

Cui Tiankai, the Chinese ambassador to the US, has remarked that the US and China should work on increasing their relations throughout the coming year. Citing challenges such as terrorism, financial crisis, and climate change, Cui professed that cooperation is necessary. Cui asserts that China has neither the intention nor the capability to “challenge the leading role of the United States in the world.” Acknowledging US activity in the Asia Pacific as a “positive” and “constructive” role, Cui asserts that China has benefitted from the international world order. Furthermore, Cui reports that China seeks to partake further in such interactivity, as exemplified by its AIIB and Silk road economic policy.

The article reports that Cambodian officials welcome new membership in AIIB, saying it will help meet “infrastructure and connectivity needs” within the country. Last Week, the Cambodian National Assembly ratified the AIIB’s articles of agreement, and have proposed to invest over $62 million dollar within the bank.

Jim Stoopman, Programme Coordinator at the European Institute for Asian Studies, has remarked that the AIIB is an alternative for existing financial institutions, such as the World Bank and International Monetary Fund. He asserts that AIIB adds to the existing financial landscape, and will potentially improve the role of the renminbi, which will be used to settle loans for AIIB.

The Parliament of Bangladesh has failed to ratify the bank’s Article of Agreement. Bangladesh’s Finance Minister AMA Muhith, reported that the parliament was unaware of the urgency of ratification. Bangladesh has submitted 8 project proposals to AIIB, and hopes to receive funding for infrastructural developments. The government is most focused on a road link project.

AIIB President-designate, Jin Liqun, discusses how the AIIB is different from other multilateral development banks, like the Asian Development Bank or World Bank. Jin asserts that Asia lacks infrastructural developments. While the region has grown in economic and political clout, Jin reports that the bank espouses transparency within its structure, and that members will hold more voice and direction than in existing institutions. The bank will also use private and public financing, and hopes to thereby mitigate risks in lending. Jin Liqun lastly mentions that the bank centers upon sustainable development and will manage environmental and social risks associated with investments.

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